CMGI once epitomized the Internet-investing fad and owned part or all of numerous other Web companies. The stock sold for more than $163 a share in early 2000. Today, it sells for $1.40. Its debt is about 6 percent of stockholders' equity. Investors are no longer enchanted with the Internet, even though it has become woven into the fabric of everyday life. At its peak, CMGI sold for more than 300 times earnings. Today it sells for down-to-earth multiples -- 12 times earnings, 1.9 times book value (corporate net worth per share) and 1.7 times revenue. In its latest fiscal year, which ended July 2004, CMGI earned 32 percent on stockholders' equity. Its debt is about 6 percent of stockholders' equity. I have a taste for fallen angels. CMGI has fallen so far that no analysts cover it anymore. I think it may be good value.